So it’s the beginning of the New Year tonight and with that comes the fun part, the thing(s) we strive to make better in our life, to make this year better than the previous, and the thing most of us unfortunately will have forgotten come February 1st, if not sooner…The New Year’s Resolutions.

Resolution #1

I will make a budget & I will stick to it.

Resolution #2

I will tithe 10% of my earnings this year.

Resolution #3

I will have at minimum a one month emergency fund established by June 1, 2010

Resolution #4

Pay off 20% of my total outlying debt (minus financial aid)

Resolution #5

I will make Dean’s list both semesters this upcoming year (this isn’t necessarily a financial resolution per se but as I see it, this is an investment in my future and also is a major portion of the money I will be spending in 2010)

Note: I plan on establishing an emergency fund of at least one month before beginning to pay off any debt, there is no since paying off debt and not having an emergency fund established in my opinion because if knock on wood an emergency should occur I would have to go back into debt to take care of any such emergency.

So there you have it 5 very challenging but obtainable goals for the upcoming year. What do you plan on changing about your financial situation in the upcoming year? Feel free to share or offer any encouraging words to myself or others.

In late 2008, after working in “Corporate America” for approximately 8 years (I am 26 years old) I decided to go back to school and make use of the God given talents I possess. I had always excelled in school with little effort, but when the time to go to college came I wasn’t ready mentally to be successful in that atmosphere. I moved approximately 7 hours away from my previous location in an effort to focus my attention solely on school. I left behind a 6 year old daughter whom resides with her mother, I make the journey back to spend time with her and be a dedicated father every other weekend weather, finances, and school load permitting.

Before moving I saved up a decent amount of money from my 40k/yr job and figured with student loans I would be able to take care of the necessities and be able to go to school full-time without working or working minimal hours. By the end of spring semester 2009, I was broke and digging myself further in debt and unable to attain any jobs paying much more than minimum wage. I have since attained employment and have vowed to never place myself in this position and become debt free before grad school. Hence the blog, it is motivation to myself and hopefully will be to others to work hard to achieve my goal. It will also be a great tracking device because as the saying goes, it’s hard to know where you’re going without knowing where you came from.

(For personal reasons I will not be disclosing much personal information, other than some clues to my basic geographic location as it pertains to financial endeavors.)

What’s the basis for the blog name?

Premature millionaire is a term I use to describe myself. My overall goal in life when talking about finances alone is to achieve financial security. Will money buy you happiness? No, but it can provide you with some security. With my generation I am more than confident it will take a million dollars or more to retire soundly and be able to help any family in need. That is why I am a “Premature Millionaire”, I will be successful in my mission to provide for my family and live stress free in the “golden” years of my life.

What are your plans for school?

I am currently in undergrad planning to attain a B.S. in either cell biology & genetics or microbiology. After graduation I plan to be accepted to and attend a high ranking medical school.

What will be covered in the blog?

The blog will begin by me making a map of my current financial situation (this isn’t going to be fun). I have approximately 2.5 years of undergrad left and my goal is to become financially independent and debt free within that time. The blog will cover everything from being able to maximize any investments, obtain free money or goods at low prices, monthly updates on my goal to be debt free and living on cash alone, and also my progress in school (as a personal measure for my own success). Other issues may be covered from time to time or there may also be opportunity for random conversation but mainly this is a financial blog and is an effort to help myself and others escape the burden of being in debt and move towards a brighter future.